South Korean law firm Jipyong has guided cosmetics manufacturer iCure Pharmaceutical to resume trading after the company faced potential delisting from the Kosdaq.
“The most challenging aspect was that distinct tasks, including resolving a corporate control dispute, attracting investors, addressing criminal issues and restoring normal operations were unfolding at the same time, and directly influencing one another,” Gi Wan Bae, one of the lead partners for the Jipyong team, told Asia Business Law Journal.
iCure stock was suspended from trading in August 2025 after prosecutors indicted former executives on breach of trust and embezzlement charges. This led to a substantive reassessment of iCure’s listing qualifications, with the Korea Exchange’s Corporate Review Committee assessing whether the company met the requirements to remain listed.
“For the company, resolving legal disputes surrounding former executives, bolstering its capital structure through new investment, and restoring core operations were all essential steps toward resuming stock trading,” said Bae.
Bae added that Jipyong brought together lawyers from its criminal, capital markets, M&A, tax and litigation practices to advise on the various aspects of the company’s restructuring and trading-resumption process.
Managing partner Haeng Gyu Lee led the Jipyong team on the matter. M&A partners Tae Hyun Lee, Min Jeong Jo and Min Ah Seo, alongside associate Eunchai Oh, handled the change in the largest shareholder, securing investment and the rights offering.
In connection with the resumption of trading, capital markets partner Eunji Han, senior advisers Nam Gi Chae and Yung Eun Jang managed regulatory proceedings with the Korea Exchange.
Criminal law issues were handled by partner Soonchul Park, while partners Bae and Jinan Lee, together with associates Jun Hee Kwon, Ha Eun Kim, Seong Chang Ha, and Min Hyun Cho, represented the client in the management control dispute and civil litigation issues. Certified public accountant Sang Su Ku advised on tax matters.
Bae said that this case went beyond attracting investment or restoring stock trading, serving as a notable example of multi-stakeholder collaboration in normalising a listed company’s governance.
“What matters most is not that a problem occurred, but how the company takes corrective action to restore market trust in its aftermath,” said Bae.
iCure reported revenue of KRW69.7 billion (USD51.8 million) and an operating profit of KRW2.8 billion in the first half of 2026, returning to profitability for the first time in nine years.
